DAILY FORECAST FOR AUDJPY 29th January 2010

Bias:     I feel we should see a recovery to 80.72-92 but then look for losses

Daily Bullish:

I remain with a target around 78.83 but don't think we'll get there directly. More likely we have seen the low today and while the move could be choppy I feel the day should see a recovery back to between 80.72-92. I look for this to cap. Thus, only a break above 80.95 would maintain the upward momentum for 81.38 and yesterday's 81.78 high again... Overall my target is at 78.83 and that should provide a stronger pullback higher.

MT Bullish:

29th January:       I still feel we should be looking for buying opportunities around the 78.83 area. Only an earlier break above 80.92-00 would retest the 81.78 high…

Daily Bearish: 

I feel we should be patient and look to sell into any recovery to the 80.71-92 resistance area - watch for a bearish trade set up here. I shall then look for losses to push back down below 80.50 and then 80.00 to retest the 79.66 low. This may well hold briefly but overall then the target becomes the 78.83 area...

MT Bearish:

 27th January:    We are seeing losses and while 81.47 caps these can continue but below yesterday's 80.00 low also note the 79.25-47 support followed by 78.58-83.

For access to my daily support & resistance levels please see the Daily Forecast page of my web site For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site along with a new report showing the prior day’s support & resistance levels.